Prestwick Development Company and Atlanta Neighborhood Development Partnership to begin construction on development with 58 new apartments, of which 48 to remain affordable for 65 years
Prestwick Development Company and Atlanta Neighborhood Development Partnership, Inc. (ANDP) are gearing up to begin the construction of a new affordable workforce housing community at 1055 Arden Ave., SW in Atlanta’s Capitol View Neighborhood. The financial closing took place on August 12, 2022. Atlanta BeltLine, Inc. (ABI), in partnership with Invest Atlanta, contributed $2 million toward 1055 Arden through the BeltLine Affordable Housing Trust Fund.
The development includes 58 units, of which 48 will be affordable at 50 to 60 percent of Area Median Income (AMI). The apartments will remain affordable for 65 years. Specifically, 28 units will be available for individuals and families earning at or below 50 percent AMI (of which six will be set aside as permanent supportive housing through a program with Atlanta Housing/Partners for HOME – for individuals who are experiencing homelessness). Twenty apartments will be available for individuals and families earning at or below 60 percent AMI, and 10 apartments will be available with market rate rents.
While LIHTC developments require 30 years of affordability, Prestwick and ANDP have committed to 65 years through an innovative land lease model. As owner of the underlying land, ANDP has further committed to permanent affordability in any future redevelopment of the site.
“We’re so excited about this new development that will provide needed housing and long-term affordability to people in this BeltLine-adjacent community, just steps from the Oakland City MARTA Station in Capitol View,” said Atlanta BeltLine, Inc. President & CEO Clyde Higgs. “With the closing of 1055 Arden, we are exceeding our affordable housing goals this year, and we are 56.2 percent of the way toward our goal of 5,600 units by 2030.”
Funding for 1055 Arden comes from several partners and sources, including:
- $2 million from the Atlanta BeltLine Affordable Housing Trust Fund,
- Permanent debt from Centrant,
- A land note from ANDP,
- A construction loan and Capital Magnet Funds from Reinvestment Fund,
- A grant from HomeFirst program for permanent supportive housing, including Project Based Rental Assistance from Atlanta Housing and Supportive Services provided by Fulton County,
- Georgia Department of Community Affairs Low Income Housing Tax Credits (9 percent),
- Enterprise Community Investments (Federal Low Income Housing Tax Credit investor),
- and US Bank State Low Income Housing Tax Credit Investor.
The community will include 2,000 square feet of ground floor commercial space that could serve as a restaurant or community grocery. Amenities will include a community room with a kitchen, fitness center, business center with computer stations, community garden, arts and crafts room, laundry room, a gazebo with picnic area and green space. The apartments will range in size from one bedroom to two bedrooms.
J.M. Wilkerson Construction is the general contractor and Dwell Design Studio is the architect. The project team will be working toward a green building certification through the EarthCraft program.
Construction is scheduled to begin in a few weeks and is expected to be completed in approximately 18 months.
While not a housing agency or a developer, ABI works closely with multiple partners to achieve affordable housing goals and provides capital to development projects like 1055 Arden that create affordable housing and commercial affordability within the BeltLine TAD. Invest Atlanta administers the Atlanta BeltLine Affordable Housing Trust Fund and the BeltLine TAD Excess Increment fund for these purposes on behalf of ABI.
Since 2006, ABI has partnered with organizations to create or preserve 3,148 affordable units within the BeltLine Tax Allocation District (TAD). Prestwick has partnered with Atlanta BeltLine and Invest Atlanta to provide over 700 units of these affordable units.
Additionally, ABI’s housing strategy centers around land acquisition to advance deeper and longer-term affordability in support of housing, job creation, small business growth and connectivity. ABI has invested nearly $39 million to purchase close to 65 acres on five sites around the corridor.
ABI, in conjunction with Atlanta BeltLine Partnership (ABP), also has additional affordability resources for homeowners along the BeltLine, including the Legacy Resident Retention Program (LRRP). This program provides financial assistance to cover property tax increases for qualifying homeowners through 2030 and help alleviate displacement pressures. People are encouraged to see if they are eligible by clicking the link above.
About Atlanta BeltLine, Inc.
Atlanta BeltLine, Inc.’s vision is to be the catalyst for making Atlanta a global beacon for equitable, inclusive, and sustainable city life. As one of the largest, most wide-ranging urban redevelopment programs in the United States, the Atlanta BeltLine is building a more socially and economically resilient Atlanta with our partner organizations and host communities through job creation, inclusive transportation systems, affordable housing, and public spaces for all. For more information on the Atlanta BeltLine, please visit www.BeltLine.org.
Vice President of Communications & Media Relations,
Atlanta BeltLine, Inc.
C (404) 731-2673